readease Chapter 260 Team Acquired
Chapter 260 Team Acquired
Chapter 260 Team Acquired
When Charles Dolan's already unfriendly face turned ashen, as if he had just been pulled from a Manhattan winter glacier, and he emerged from Madison Square Garden with an aura of oppressive tension, the reporters who had been waiting outside like hungry wolves instantly swarmed towards him like sharks smelling blood.
The microphone was practically shoved right up to Dolan's nose, and the constant clicking of camera shutters was deafening.
"Mr. Dolan, please stop for a moment. Does your early departure mean that the scales of this Knicks acquisition deal have completely tipped in Ernst's favor?" A reporter wearing a plaid shirt and with messy hair squeezed to the front, his voice trembling with excitement.
Following closely behind, another female reporter holding a New York Post sign, not to be outdone, stood on tiptoe and loudly pressed on, "Mr. Dolan, everyone wants to know, what's your opinion of Ernst, this suddenly emerging American tycoon? Do you think he hijacked the deal halfway, or do you admit you're not as capable as him?"
Someone even shouted, "Mr. Dolan! Can you give us a hint? What was the final price of this acquisition?"
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October in New York should be filled with fallen leaves carried by the autumn wind and the aroma of hot cocoa sold on the streets, but this year is different. The entire New York sports world is focused on the Knicks team, which is more attractive than the luxury shop windows on Fifth Avenue.
After all, the Knicks are no ordinary team; they are a long-established team rooted in the heart of New York. Although their performance has been declining in recent years, the name "New York" still carries an inherent aura.
But the Knicks are having a really tough time; they've long been a hot potato for the ITT Group.
The team's roster is aging significantly, and its home stadium, Madison Square Garden, has been in disrepair for years. ITT Group has long wanted to get rid of this money-losing team.
When news first broke that New York media mogul Charles Dolan wanted to acquire the Knicks, everyone thought it was a done deal and the Knicks were definitely going to be in the Dolan family's pocket.
After all, Dolan's cable television company and ITT have had business dealings for many years, and the two sides have a close relationship.
But who could have imagined that Ernst Asset Management would suddenly emerge as an unexpected force, revealing that they were also interested in the New York Knicks.
At first, everyone thought it was an investment project and didn't give it a warm welcome, with New York fans even forming a collective boycott.
You have to understand, asset management companies acquire teams to make a profit. Expecting them to throw money at the team to strengthen the roster and renovate the stadium? That's harder than expecting it not to snow in New York winter.
Fans were complaining on social media at the time, saying, "Stop messing with our Knicks. We'd rather stay where we are than be used as a money-making tool."
Just a few days later, even more explosive news broke. This acquisition wasn't a corporate act at all; it was Ernst, the owner of Ernst Asset Management, who wanted to acquire the Knicks privately.
This caused a complete 180-degree reversal in public opinion among fans; those who had previously boycotted Ernst instantly became his staunch supporters.
Some fans even shouted warnings at Charles Dolan in front of the media: "Old man Dolan, get away from the Knicks! If you're smart, give up the acquisition and let Ernst take over smoothly."
In terms of wealth, Charles Dolan is nowhere near Ernst's level.
Dolan is at most a wealthy man, while Ernst is a true top-tier tycoon.
It's like a girl looking for a boyfriend. On one hand, there's an older man with a relatively large wallet, and on the other hand, there's a young, promising, handsome, rich, and wealthy man. Who wouldn't choose the latter?
Now that there are rich, handsome, and successful men waiting to marry us Knicks, who the hell would still want that old man Dolan? Only someone with a screw loose would choose him.
It was precisely because New York fans were so vocal in their support for Ernst that ITT Group, even if it wanted to favor Dolan, dared not go against the fans' wishes.
Ultimately, ITT Group had no choice but to set October 24th for a three-way negotiation between Dolan and Ernst's teams. In short, the highest bidder wins; whoever pays the most gets the Knicks.
For Ernst, these conditions were naturally not a problem, since money was not an issue for him at all.
But for Dolan, this was incredibly frustrating.
He felt that the ITT Group was using the fans as an excuse to deliberately raise prices, clearly favoring Ernst and not giving him any face at all.
The results, of course, are self-evident.
When Dolan, his face ashen, climbed into his car without a word, not even bothering to answer the reporters' questions, and sped away, the reporters present all wore expressions of satisfaction.
One local New York sports reporter even spat as he watched Dolan's car disappear in the direction it went, "It's good that we didn't let you acquire the Knicks. You old guy has no class at all, throwing a tantrum when you lose. If the Knicks were really in your hands, their performance might be even worse."
A journalist from California sighed regretfully, "Why doesn't Ernst just buy a California team?"
In their view, Ernst's business is mainly in California, and he is a native Californian. Logically, he should acquire a California team, which would make management easier and also make California fans happy.
Ernst did consider teams in California, but after thinking it over, he felt none of them were a good fit.
First up is the Sacramento Kings, whose team has consistently been at the bottom of the standings, whose management is in a mess, and whose market is too small.
Golden State Warriors owner Chris Kohan has only owned the team for less than two years and is ambitious enough to make a big splash; he has no intention of selling the team.
At this point, acquiring the Warriors is out of the question unless they offer an exorbitant price; it's simply not worth it.
As for the two Los Angeles teams, the Lakers and the Clippers, there's even less hope.
At this moment, the two teams are playing a two-man game, deliberately creating a rivalry to attract the attention of fans.
Despite the Lakers and Clippers players battling it out during the game, and the fans hurling insults at each other in the stands, the owners of the two teams are actually good friends and often play golf together.
Clippers owner Donald Sterling and Lakers owner Jerry Buss both made their fortunes in real estate. In 1979, Jerry Buss wanted to buy the Los Angeles Lakers for $6750 million, but he didn't have enough money at the time, so he sold some of his properties to Sterling to raise the funds.
Later, it was Jerry Buss who suggested that Sterling invest in professional sports, which led Sterling to spend $1250 million to buy the San Diego Clippers in 1981.
Since then, in order to generate buzz and attract attention, the two deliberately created an image of two opposing teams.
In 1984, the Clippers even moved from San Diego to Los Angeles, and later even shared the Staples Center with the Lakers.
However, their styles and strategies for managing a team are completely different.
Jerry Buss was determined to build the Lakers into an NBA super powerhouse, targeting high-net-worth fans such as Hollywood stars and wealthy entrepreneurs.
He was willing to spend money to buy big-name players and also focused on the team's brand image, transforming the Lakers into a synonym for star-studded success.
Donald Sterling, on the other hand, took a completely populist approach, with his mind focused entirely on making sure money.
He rarely spends big money to buy big-name players. He believes that as long as the team can win some games and ensure that ticket and broadcast revenue is not lost, that's enough. As for whether they can win the championship, he doesn't care at all.
Jerry Buss treats the Lakers like his precious treasure. He won't sell them, and he won't even agree to anyone wanting to take a stake in them. So, trying to buy the Lakers from him is simply a pipe dream.
Donald Sterling, on the other hand, has a stable income from running the Clippers and earns a considerable amount of money every year. Without an extremely high premium offer, he would not sell the Clippers.
Furthermore, the Knicks were looking to sell, and all aspects met Ernst's expectations, so the acquisition of the Knicks was the result of multiple factors.
"Why is everyone so sure the trade is done and the Knicks have been sold to Ernst?"
A new reporter, who had only been in the industry for a short time, looked at the veteran reporters around him, all of whom looked confident, some of whom had even started making phone calls to report the news of the Knicks being acquired by Ernst to their agency. He couldn't help but scratch his head and ask a question in a low voice.
Upon hearing this, the scene fell silent for a few seconds. Then, some people burst into laughter, some rolled their eyes, and even his master looked ashamed, as if he had taken on such a stupid apprentice and wished he could disappear into a crack in the ground.
An older reporter with gray hair and reading glasses patted the new reporter on the shoulder, his tone full of helplessness. "Kid, is this your first day covering the news? Dolan left looking livid, clearly the deal fell through, and Ernst's team hasn't shown up yet. Isn't the answer obvious?"
"If Ernst hadn't made a deal either, his team would have come out long ago. Why would they be hiding inside like this? This means they're still inside discussing the details."
The new reporter was stunned for a moment, then instantly realized what was happening, and looked like he had just understood.
"What are you waiting for? Hurry up and send the news back to the newspaper. Otherwise, other media outlets will publish it soon, and our newspaper will fall behind," the driver urged anxiously, stamping his feet.
The surrounding reporters were busy making phone calls; some were reporting to their editors, while others were verifying information with their colleagues. The scene was noisy, even more bustling than a vegetable market.
About half an hour later, Ralph, who was in charge of helping Ernst acquire the Knicks, walked out of Madison Square Garden with his team members. Everyone then surrounded him again, and the scene, which had just quieted down a little, immediately became noisy again.
Ralph was dressed in a sharp black suit, his hair was neatly combed, and he had a calm smile on his face, looking confident and composed.
As soon as he appeared, reporters bombarded him with questions.
"Mr. Ralph! Have you signed a contract with ITT Group and officially completed the transaction? Is the Knicks now owned by Ernst?"
"Could you reveal some details about the transaction? What was the price of this acquisition?"
"When will Mr. Garfield appear? Will he be here for the signing ceremony?" The scene was chaotic, with reporters talking all at once, their voices mingling together in a noisy cacophony.
Ralph raised his hand and gently pressed it down, signaling everyone to quiet down.
After things calmed down a bit, he spoke up, saying, "Dear media friends, I cannot reveal too much about the specific details and final price of this acquisition at the moment. However, please stay tuned for the signing ceremony at Madison Square Garden tomorrow morning at 10:00 AM. All the information will be officially announced then, and you will all know then."
Some reporters, still persistent, pressed on, "Mr. Ralph, will Ernst attend the signing ceremony tomorrow?"
Ralph smiled helplessly and shook his head. "I can't give you a definite answer yet regarding whether Ernst will attend tomorrow's signing ceremony."
Just as the reporters were about to press for more information, Ralph changed the subject, a mysterious smile on his face. "However, I can give you all some good news in advance, and to all Knicks fans, about the renovation plan for Madison Square Garden."
This sentence instantly attracted everyone's attention, and the scene immediately fell silent. Everyone pricked up their ears, afraid of missing a single word.
Madison Square Garden is a sacred place for Knicks fans. Although it is old and dilapidated now, it holds a special place in the hearts of the fans, who have been hoping for a renovation for a long time.
Ralph cleared his throat and continued, "Ernst has decided to invest $3 million in a complete renovation of Madison Square Garden."
"This renovation is no small matter; it's about transforming Madison Square Garden into the most luxurious and advanced basketball arena in the NBA. Upgrades will be made to everything from the seating, air conditioning, and sound system to the players' lounge and media studios. The goal is to provide fans with a better viewing experience and players with a better playing environment."
As soon as Ralph finished speaking, a burst of enthusiastic applause and cheers erupted in the arena, especially from the die-hard Knicks fans who had come specifically for the occasion, who jumped up in excitement.
Madison Square Garden is really old; it was built in 1968, and it's almost thirty years old now.
In the past thirty years, apart from occasional repairs, it has hardly undergone any large-scale renovations and is long outdated.
Ernst's decision to spend $3 million on renovations shows that this wealthy man has lived up to the expectations of all Knicks fans.
It's worth noting that the stadium only cost $1.23 million to build. Even though it was built thirty years ago, spending $300 million on renovations is still a huge investment.